Jubilee Holdings is set to incorporate financial services into the firm’s expansive portfolio of offerings come October in an effort to tap into new revenue streams.
According to a news report by the Business Daily, the listed regional underwriter got the nod to venture into financial services from the Capital Markets Authority (CMA) last month and the firm is optimistic that it will be able to penetrate the financial services industry by setting up pension funds, unit trusts and wealth management segments.
“We are recruiting staff as we got our licence on May 6 and are currently mooting products that we shall offer to the market. This comes as a natural progression that responds to the needs of the market,” Jubilee Holdings Regional Chief Executive said yesterday during the firm’s Annual General Meeting (AGM) according to the Business Daily.
Jubilee Insurance is also seeking partnerships in the financial sector in an effort to improve uptake of its products.
The Business Daily similarly reports that the firm is looking to expand its regional footprint by setting up in Ethiopia and Democratic Republic of Congo (DRC) in the near future. To this effect, the firm has started seeking necessary approvals to establish subsidiaries in the aforementioned countries from relevant state authorities.
“Equity Group as well as KCB Group received approvals to start operations and we are optimistic that Ethiopia will consider our request to launch our operations in the 80 million-strong market,” Jubilee Holdings Board Chairman Nizar Juma said at the firms AGM according to the Business Daily.
Mr. Juma similarly revealed that the firm is in talks with underwriters in Kenya and Tanzania over possible acquisition deals in a move to further expand its regional reach. Expansion into regional markets, according to Mr. Juma, will market the firm’s new product offering which will go a long way in augmenting its revenue streams.